Glossary
Vocabulary used across the protocol and these docs.
| Term | Meaning |
|---|---|
| Lease | A position on Nolus. Implemented as a per-position CosmWasm contract. |
| Lease asset | The asset purchased at open with down payment + LPP loan and held until close. The position holds this asset for its lifetime - it's what the borrower has long or short exposure to. |
| Down payment | The borrower's own collateral contribution to a position. Provided in any supported currency; swapped together with the borrowed amount into the lease asset at open. |
| LPP | Liquidity Provider Pool - the single-sided pool from which leases borrow. |
| nLPP | The receipt token minted to LPP depositors. Accrues value as the pool earns interest. |
| Margin interest | Interest accrued by an active lease against the LPP loan. |
| Feeder | A whitelisted off-chain operator that submits signed spot prices to the on-chain Oracle. |
| EMA | Exponential Moving Average - the price form the on-chain Oracle exposes to consumers. |
| ICA | Interchain Account - Nolus uses ICA on counterparty DEXs to execute swaps for leases. |
| Profit | The contract that routes protocol revenue. |
| Reserve | The protocol-owned backstop pool that covers shortfalls when a lease closes underwater. |
| NLS | The native staking and governance token of the Nolus chain. |